Hustler Fund performance update: Borrowing increases as Ksh21B is disbursed

Thursday, March 2nd, 2023 15:39 | By
Ruto at KICC on March 2, 2023, during the launch of Women Enterprise Fund. Photo/Facebook/State House Kenya

Kenyans have borrowed more than Ksh21.1 billion from the Hustler Fund since it was launched on November 30, 2022.

The update on Hustle Fund performance was released on Thursday, March 2, 2023, as President William Ruto presided over the launch of the Women Enterprise Fund (WEF) - a financial inclusion program under the Hutler Fund.

Ruto launched the new product during the celebrations of World Women's Day at the Kenyatta International Convention Centre (KICC) in Nairobi.

The performance of the Hustler Fund was released during the ceremony. Data shows that Ksh21.1 billion has so far been disbursed to borrowers.

The data also shows that Ksh11.8 billion has been repaid so far while Kenyans have saved Ksh1 billion through the Hustler Fund.

Hustler Fund Performance Update as at 9:00 AM March 2, 2023:

Amount disbursed= 21,109,406,878

Total Repayment= 11,800,642,462

Opted in customers = 19,065,128

Savings Account = 1,055,743,826

Total transactions= 33,362,805

Repeat customers= 6,416,750

Hustler Fund falls under the Ministry of Cooperatives and MSME Development which is headed by Cabinet Secretary (CS) Simon Chelugui.

The CS has been giving regular updates on Hustler Funds' performance. In the last update issued in early February, Kenyans had borrowed Ksh16.8 billion from the kitty by the end of January.

The latest figures show that in February Kenyans borrowed more than in January since Ksh21.1 billion was disbursed in the latter month compared to Ksh16.8 billion.

Last month Chelugui observed that Kenyans had demonstrated a high appetite to borrow from the Hustler Fund, adding that the rate of borrowing would exhaust the fund in the coming months.


More on News